A general view of the exterior facade of FAO Schwarz flagship Toy store in the General Motors Building at Fifth Avenue and 58th Street on December 30, 2013 in New York City.
Ben Hider—Getty Images
May 16, 2015 10:14 AM EDT

The FAO Schwarz toy store on New York City’s Fifth Avenue will be closing its doors this summer. It’s the last remaining location of the iconic toy brand.

FAO Schwarz has had a location in New York City since 1870, but on July 15, the flagship location will close because of higher rents in the prime shopping district and competition from online retailers, reports the New York Times. The store once had 40 locations across the country, but the one on Fifth Avenue, which opened in 1986, is the only store remaining.

Toys “R” Us, which owns FAO Schwarz, will continue to sell the boutique brand in its stores. But the company has troubles of its own; by the end of 2016 it plans to leave its flagship location on Broadway in Times Square.

FAO Schwarz is reportedly looking for a new home in New York City.

Write to Mandy Oaklander at mandy.oaklander@time.com.

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